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Facebook CEO Mark Zuckerberg reaped a gain of nearly $2.3 billion last year when he exercised 60 million stock options just before the online social networking leader’s initial public offering.

The windfall detailed in regulatory documents filed yesterday saddled Zuckerberg, 28, with a massive tax bill. He raised the money to pay it by selling 30.2 million Facebook shares for $38 apiece, or $1.1 billion, in the IPO.

The 29 percent decline from Facebook’s IPO price has cost Zuckerberg nearly $7 billion on paper, based on the 609.5 million shares of company stock that he owned as of March 31, according to the regulatory filing. His current stake is still worth $16.4 billion.

The exercise of Zuckerberg’s stock options and his subsequent sale of shares in the IPO had been previously disclosed. The proxy statement filed to announce Facebook’s June 11 shareholder meeting is the first time that the magnitude of Zuckerberg’s stock option gain had been quantified.

Meanwhile, Chief Operating Officer Sheryl Sandberg received $26.2 million in compensation last year, making her the company’s highest-paid executive.

Also, Facebook said Accel Partners’ James Breyer, an early investor in the company, won’t stand for re- election to the board.